Get rid of your timeshares!!

[Anonymous]

For the love of EVERYTHING, parents: get rid of your timeshare before you pass! Do not leave this to your kids for them to deal with. It’s not an asset! It’s a terrible burden.

[Anonymous]

Should this be in Money and Finance or Eldercare?

[Anonymous]

What happens to time shares and pints or whatever when the last parent passes?

[Anonymous]

Did the parents use it up until the end? If not, maybe they didn't know how, or couldn't, get rid of it.

[Anonymous]

You should start a thread on the Money forum (or at Bogleheads.org) and ask/search How to get rid of a timeshare.

[Anonymous]

Anonymous wrote:You should start a thread on the Money forum (or at Bogleheads.org) and ask/search How to get rid of a timeshare.

I’m Not asking HOW!! This is a PSA to everyone with adult children to get the hell rid of their timeshares now! Their children do not want them.

[Anonymous]

And PSA to adult children:You don’t have to accept this “gift” if it’s willed to you. Do not get saddled with your parents’ foolish financial decisions.

[Anonymous]

Anonymous wrote:And PSA to adult children:You don’t have to accept this “gift” if it’s willed to you. Do not get saddled with your parents’ foolish financial decisions.

Not totally true, each heir has to file a “disclaimer of interest” with the probate court to refuse the timeshare.

[Anonymous]

You can decline to inherit the timeshare after your parent passes. Just tell the lawyer to decline it. It’s a simple process. The timeshare company is then forced to take it back.

[Anonymous]

There are lots of things you should try to convert into cash before you pass.

R/E in general is a huge pain in the ass for your heirs, especially when maintenance hasn't been great and the house is filled with crap.

[Anonymous]

I don't get how timeshares work

[Anonymous]

I will take your share then.

[Anonymous]

Anonymous wrote:You can decline to inherit the timeshare after your parent passes. Just tell the lawyer to decline it. It’s a simple process. The timeshare company is then forced to take it back.

You can't verbally decline- you can tell the lawyer but they have to draw up documents- A disclaimer of interest which renounces your legal right to the timeshare, so you are no longer responsible for its upkeep or payments.

[Anonymous]

Anonymous wrote:I don't get how timeshares work

If you inherit it, you are responsible for the annual fees (usually thousands) even if you don't use it.

[Anonymous]

It’s harder for your parents to sell it than it is for you to decline it.